An Inquiry Concerning the Rise and Progress, the Redemption and Present State, and the Management of the National Debt of Great Britain, Volumen13
Oliphant, Waugh, and Innes, 1814 - 272 páginas
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according accumulation additional additional taxes adopted afford allowed amount annual annuities applied arising average Bank bear Bills borrowed Britain burthens called capital carried charge commencement Company cons consequence considerable considered continued contracted creditors debt contracted discharge dividends effect equal established excess Exchequer Bills existing expenditure expense extent February five per cent followed former four funded debt future granted greater higher imposed increase interest Ireland Irish January land limit loan long annuity Management manner measures ment millions national debt Navy necessary Note operations paid payable payment peace period person present principles produce proportion proposed public debt purchase rate of interest received redeemed redemption reduced remaining revenue saving scrip sinking fund subscribers Sum funded Sums raised surplus Table taxation termination three per cents tion Total charge transfer whole
Página 2 - The excess of revenue above expenditure is the only real sinking fund by which the public debt can be discharged. The increase of the revenue and the diminution of expense are the only means by which this sinking fund can be enlarged, and its operations rendered more effectual : And all schemes for discharging the national debt, by sinking funds operating by compound interest, or in any other manner, unless so far as they are founded upon this principle, are illusory.
Página 93 - If this annuity, instead of being spent on current services, is added to the fund, and both employed in paying debts, an annuity of 10,500/. will be disengaged the second year, or of 20,5OO/. in both years. And this again, added to the fund the third year, will increase it to 220,500/.
Página 154 - All these observations are equally applicable to the debt of a nation, conducted as ours is. It would not be impracticable, or very difficult, to redeem our whole debt in any year, if the measures we follow be redemption. It would only require a large loan every month, and the large sums we were thus enabled to pay would supply the funds for these loans. Our capitalists would be well pleased to promote these loans, as they would derive a bonus from each. Such a system would be ruinous in the extreme...
Página 171 - The second, at the end of two centuries, amounting to 1,700,000 livres, to be employed in establishing a perpetual fund for prizes in literature and arts, and for virtuous actions. The third, at the end of three centuries, amounting to more than 226 millions of livres, to be employed for establishing patriotic banks, and founding museums with ample establishments. The fourth, at the end of four centuries, amounting to 30,000 millions, to be employed in building a hundred towns in France, containing...
Página 87 - Ordnance-bills, or Debentures, are issued, in like manner, from the Ordnance-Office, for supplying deficiencies in that branch of expenditure. Victualling and Transport Bills are issued from the respective offices in the same manner. There is also always a large amount of floating debt at the Navy, Victualling, Transport, and Ordnance Offices, for which no bills have been issued. ' ' Besides the three principal branches of the unfunded debt, there is always a number of demands on the public for bills...
Página 55 - ... to the commercial state of the country, Government was now able to obtain the same reduction on the interest of the public debt, and apply the savings in aid of the sinking fund. In 1727, a further reduction of the interest of the public debt, from five to four per cent, was obtained, by which nearly L.400,000 was added to the sinking fund.
Página 55 - was that of the Sinking Fund, established in 1716. The author of this plan was the Earl of Stanhope ; but as it was adopted under the administration of Sir Robert Walpole, it is commonly denominated from him. The taxes which had before...